2015-09-06
930
1. A supply curve slopes upward from left to right, reflecting the fact that more of a product will be brought into the market at a higher price and less at a lower price.
2. According to the law of supplyan increase in supply leads to a reduced price, while a decrease in supply causes a rise in price, demand remaining constant. 3. As a result of a shift in supply, there will be a new relationship between the price and quantity of a commodity supplied. 4. Since it costs more to produce additional items, producers will supply more only if they can charge a higher price. 5. Potential producers switch resources to production of a particular product, if its price increases, and enter the market for that product to maximise their revenues. 6. Changes in suppliers’ expectations cause supply curves to shift. 7. Companies that operate in highly competitive industries provide goods or services that are very elastic because current market condition does not enable them to charge a price they would like to. 8. Supply along with demand is one of the two key determinants of price but relates to the total amount of the goods available for purchase.
Exercise 9. Translate the words in brackets into English.
Supply (відноситься до) _____________________ seller's willingness and ability (випустити на ринок) ________________________ available quantity of product.
In accordance with (закону пропозиції) ____________________________ the price and (величина пропозиції) _________________________ are directly proportional, (за умови, що усі нецінові фактори залишаються незмінними) ____________ ___________________________________________. In most markets (збільшення ціни товару) __________________________________________ will increase the quantity of a product that (продавці готові поставити) _____________________ ________________. This (співвідношення між ціною і величиною пропозиції) __________________________________________ can be represented as (шкала пропозиції) _________________________ or a graph relating the price and quantity supplied.
The higher price (надає виробникам стимул) _____________________________ to supply more, but rising opportunity costs (встановлює межу кількості) ___________________________ they will supply (за будь-якою даною ціною) __________________________. A change in a price refers to (зміни поведінки постачальників) __________________________________________ caused by a product’s price, (інакше кажучи зміна в ціні відображається) ______________ ______________________________________________________ by changes in the quantity supplied. In this case, the relationship between price and quantity (залишається незмінним) _____________________________, but there will be a new (поєднання ціни та кількості) ____________________________________.
A change in supply relates to a change in behaviour of sellers (що є наслідком) ____________________ a change in factors (інших ніж ціна товару) _________ _________________________. When one of (нецінових визначників пропозиції) changes, the supply curve (переміщується або направо або наліво) ___________ __________________________. These non-price determinants of supply are (витрати експлуатації підприємства) _________________________________, technology and productivity, (очікування виробників) _______________________ about future prices, (можливості отримання прибутку) ___________________ and prices of (споріднених товарів та послуг) ____________________________.
(Давайте подивимося на) ______________________________ the relationship of prices and quantity supplied of related goods or services. Changes in the prices of complements and substitutes (мають протилежний вплив на пропозицію) ____ ______________________________ of a product. When (ціна товару-супутника) _________________________ goes up, supply of (іншого товару-супутника зростає) ________________________________________. When (ціна товару замінника) ______________________ rises, supply of (іншого товару-замінника зменшується ) ________________________________________.
Notice that (відповідь кривої пропозиції на) _______________________________ a change in the price of a complement or substitute in supply (протилежна відповіді кривої попиту на) ________________________________________ a change in the price of a complement or substitute in demand. As the price of (товару-супутника у пропозиції) ________________________________ goes up, supply increases. As the price of a complement rises, (попит зменшуються) _________________________________. When the price of a substitute goes down, (пропозиція іншого товару замінника) __________________________________ increases but (попит на нього) ____________________ decreases.
Exercise 10. Match the halves of the sentences and translate them into Ukrainian.
| 1. Supply represents | a. more at a higher price. |
| 2. According to the law of supply the higher the price is, | b. that results from a change in a condition other than a product’s price. |
| 3. The supply curve shows how sellers alter their plans | c. the supply also increases shifting a supply curve to the right. |
| 4. Buyers will be supplied with less amounts of goods at a lower price and | d. the more goods will be put on the market. |
| 5. Quantity supplied refers to the quantity | e. in response to a change in the price, other things being equal. |
| 6. A change in supply is a change in the quantity of a product that suppliers plan to sell | f. at each quantity there will be a new price. |
| 7. Supply decreases or increases depend on | g. how much the market can offer for sale. |
| 8. At each price there will be a new quantity and | h. that producers are willing and able to sell at a particular price. |
| 9. As the number of sellers in a particular market increases, | i. the cost of production. |
